The Studying On The Company Governance And Share Withdrawal In The Debts-to-Shares Swap Enterprises To The Assets Management Company

The policy of Debts-to-Shares Swap is an important means in reforming the state-owned enterprises in late 1990' s, and the central government places high expectations on this policy. As for as the enterprises is concerned, the debts have been changed into financial capital after the swap, the effect of which is to save a large amount of financial expenditure, improve the financial condition and help the enterprises have a long-term development. As far as the state-owned commercial banks is concerned, Debts-to-Shares Swap relieves the burden of the banks by separating and getting rid of the bad assets and make the banks in an advantageous position to operate and compete in the market; As far as the national government, the newly-established assets management company can carry out the shareholder rights, perfect company governance of the Debts-to-Shares Swap enterprises, transfer operation mechanism and improve development vigor for a start. The next step is that the assets management company can recoups a large amounts of credit capital for the country by means of withdrawing from the Debts-to-Shares Swap enterprises in many ways such as repurchase and transference.Given the whole processing analysis of Debts-to-Shares Swap policy implemented, the policy can' t fulfill the final purpose until assetsmanagement company can fully carry out the shareholder rights, perfect company governance of the Debts-to-Shares Swap enterprises and withdraw its shares without any troubles according to the policy demand. The assets management company is only the temporary institution (exists no more than ten years ) and if it isn' t fully responsible for perfecting company governance after entering the Debts-to-Shares Swap enterprises, the Debts-to-Shares Swap enterprises will still remain the previous situation such as bluring the rights and obligations, the lack of supervision, failing to invest and low efficiency. In the end, the assets management company has to hold a large amount of bad performing shares and fail to withdraw its shares successfully in the existing duration according to the policy demand . The results is Debts-to-Shares Swap policy will be turned into sheer "financial book game" . Not only will the problems of the state-owned enterprises be unsettled, but also the more financial risks of the nation will happen.Then comes the questions: whether will the assets management company be fully responsible for carrying on the rights of shareholders and improve the company governance of the Debts-to-Shares Swap enterprises? Whether will the assets management company withdraw successfully according to the policy designation? The paper analyze so many existing problems such as barriers confronted in the course of carrying on the shareholder rights, troubles from shareholders status gained by the assets management company and the lack of the shareholder obligation. The paper draw the following conclusion: assets management company isn' t able to perfect the governance of the Debts-to-Shares Swap enterprises. The paper put forward some existing problems around shares withdrawal of the assets management company on the basis of gradual analysis to the main methods of shares withdrawal. Focusing on these problems, the writer ponders a lot and thinks that the developmentposition of the assets management company is the key to solving the above problems. Firstly, the reason why we make clear sense of the policy of Debts-to-Shares Swap to the state-owned enterprises lies in offering "soft time-restriction" to some bad-operating enterprises and making an effective use of the opportunity to reposition the assets management company' s development. The assets management company can' t really carrying on the rights of shareholders and combine the Debts-to-Shares Swap policy with the reform of the state-owned enterprises until they do like this. Secondly, the writer come up with the blueprint that the assets management company should exist and further develop the investment banks. Finally, the writer bring specific suggest...